上市公司现金股利信号假设实证检验（Listed companies, cash dividend, signal hypothesis, empirical test）.docVIP

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上市公司现金股利信号假设实证检验（Listed companies, cash dividend, signal hypothesis, empirical test）.doc

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上市公司现金股利信号假设实证检验（Listed companies, cash dividend, signal hypothesis, empirical test）

上市公司现金股利信号假设实证检验（Listed companies, cash dividend, signal hypothesis, empirical test） Key words: event study, cash dividends, earnings, supernormal Abstract: This paper uses event analysis to analyze the market reaction of A share cash dividend in Chinas listed companies. The sample is divided into four groups: dividend increase, dividend decrease, dividend unchanged and the first dividend payment. The study found that, compared to the constant dividend dividend increase sample group, Sample Firms can get significant positive cumulative average abnormal returns, while the dividend decreases Sample Firms got significantly negative cumulative average abnormal return. At the same time, it was found that the largest dividend yield was realized by the first dividend payment company. The conclusion supports the hypothesis of cash dividend signaling. The dividend policy of listed companies is an important research topic in finance and finance, and there are different views on the influence of dividend distribution on corporate value. The traditional theory that the company value is equal to the present value of the future net cash flows and dividend payment, the company (including cash dividend and other dividends) more, the value of the company and the MillerModiglia (1961) (hereinafter referred to as MM) in the classical literature will be the first economics research methods into the research on the dividend policy, draw on a series of strict under the assumption that the dividend policy is irrelevant to its market value. Chinas stock market as an emerging capital market the distinctive characteristics of the stock markets dividend policy to investors to convey some information, whether the information content of dividend announcement is currently concentrated in the capital market before 2001, and the differences are mostly focused on the empirical research of stock dividend and cash dividend market reaction, it is widely believed that the stock dividend can increase th